Air Arabia, the largest low-cost carrier in the Middle East and North Africa region, recently announced its financial and operational results for the second quarter and first half of 2024. Despite a 7% decrease in net profit during the second quarter compared to the same period in 2023, the airline experienced a 19% increase in turnover, reaching Dh1.65 billion. Over 4.5 million passengers traveled with Air Arabia in the second quarter, reflecting a 19% growth from the previous year, with an average seat load factor of 79%.
In the first half of 2024, Air Arabia reported a net profit of Dh693 million, marking a 13% decrease from the same period in 2023. The airline achieved a turnover of Dh3.19 billion, representing a 13% increase compared to the previous year. During this period, over 8.9 million passengers traveled with Air Arabia, a 16% growth from the same period in 2023, with an average seat load factor of 81%. Sheikh Abdullah bin Mohammad Al Thani, Chairman of Air Arabia, attributed the strong results to robust passenger demand and revenue growth.
Despite challenges faced by the aviation industry, including slower yield growth and rising costs due to economic and geopolitical uncertainties, currency fluctuations, fuel price volatility, and supply chain disruptions, Air Arabia managed to sustain its growth momentum and achieve solid profitability. The airline’s expansion plan included adding 3 new aircraft to its fleet, launching 16 new routes across its operating hubs, and maintaining an operating margin that ranked it third highest worldwide in the ‘Airline Weekly’ World’s Most Profitable Airlines index.
Emphasizing its commitment to environmental responsibility, Air Arabia has implemented a circular economy approach for all in-flight service items, ensuring they are biodegradable. Additionally, all food and beverage packaging and containers are now 100% recyclable. This initiative aligns with Air Arabia’s comprehensive strategy to integrate environmental stewardship, social responsibility, and governance excellence into its core operations. As the airline looks ahead to the remainder of 2024, it remains focused on driving business growth, seizing new opportunities, reducing costs, and delivering exceptional value to its customers.
